Neo Financial

Last updated

Neo Financial
Company typePrivate
IndustryFinancial services, financial technology [1]
Founded2019 [1]
FounderAndrew Chau; Jeff Adamson; Kris Read; Chris Simair [1]
HeadquartersCalgary, Alberta, Canada [2]
Area served
Canada [3]
Key people
Andrew Chau (chief executive officer); Jeff Adamson (chief commercial officer); Chris Simair (president); Kris Read (head of engineering)
ProductsCredit cards; savings and cash accounts; investing; mortgages; merchant loyalty and rewards programs [4]
Number of employees
750 [5]  (2024)
Website www.neofinancial.com

Neo Financial is a Canadian financial technology company headquartered in Calgary. Neo develops consumer banking products in partnership with regulated financial institutions and provides co-branded credit and loyalty programs to Canadian retailers. [3]

Contents

History

Neo Financial was founded in 2019 by former SkipTheDishes executives Andrew Chau, Jeff Adamson, Kris Read, and Chris Simair [1]

In September 2020, Neo launched its first Mastercard credit card along with its own merchant partner rewards network offering cashback at participating businesses. [1]

In January 2021 Neo launched a savings account program using Concentra Bank as its deposit-holding partner, ensuring coverage through the Canada Deposit Insurance Corporation (CDIC). [6] In 2024 Neo transitioned to Peoples Bank of Canada as its partner for new and existing everyday accounts. [7]

In 2022, the company expanded in Calgary with new offices in the Edison tower and the Hudson’s Bay building. [2] Neo maintains a secondary headquarters in Winnipeg, supported by a provincial expansion grant. [8]

Products and services

Neo Financial provides various financial services, including credit cards, deposit accounts, and mortgage services.

Credit cards

Neo offers both secured and unsecured versions across its credit card portfolio.

Neo-branded cards

  • Neo Mastercard (2020)
  • Neo World Mastercard (2024)
  • Neo World Elite Mastercard (2024)

Co-branded cards

  • Hudson’s Bay Mastercard powered by Neo (2021–2025) [9]
  • Tim Hortons Mastercard powered by Neo (2023) [10]
  • Cathay World Elite Mastercard powered by Neo (2023) [11]

Deposit accounts

Neo offers chequing, savings, and cash deposit accounts. Eligible deposits are held with partner banks and are insured by the Canada Deposit Insurance Corporation (CDIC).

Mortgages

Neo Mortgage provides residential mortgage products through regulated lending partners.

Investing

Neo Invest provides access to registered and non-registered investment accounts through partner investment dealers, one of them being OneVest. [12]

Merchant rewards network

Neo operates a merchant rewards network offering cashback at participating businesses. According to independent reports, the network includes over 11,000 partners across Canada. [13]

Funding

Neo Financial has raised venture capital and debt financing totalling over 600 million dollars CAD from institutional investors.

Media coverage in 2024 noted that the Series D round included investment from Tencent, a Chinese technology conglomerate, prompting public discussion related to national-security considerations. [17] Tencent has previously invested in other large fintechs, including UK-based Monzo [18] and Singapore-based Airwallex. [19]

Reception

Neo Financial has received mixed public reception. On the Better Business Bureau website, the company has a low rating based on customer reviews, with complaints frequently citing delays in customer service responses and rewards related issues. [20] In contrast, Neo Financial’s mobile application is rated positively on major app distribution platforms, with an average rating of 4.7 out of 5 on Google Play and 4.8 out of 5 on the Apple App Store, based on tens of thousands of user reviews. [21] [22]

Some observers have raised questions about consumer protection given Neo's structure as a financial technology company using partner banks rather than operating as a licensed bank. [23] While this distinction is important for consumers to understand, Canadian regulators recognize this fintech model as a viable structure. Like Koho and Wealthsimple, Neo offers savings and chequing accounts without holding a banking license, with customer funds held at CDIC-insured Canadian licensed banks, providing equivalent deposit protection to traditional banks. [24]

In 2024 Neo’s Series D financing attracted scrutiny because it included investment from Tencent, a Chinese technology conglomerate that appears on a United States Department of Defense list of companies with alleged military ties. Canadian outlets reported that this raised national-security questions in the context of pending Retail Payments Activities Act oversight. [25]

Industry recognition

Neo Financial has received recognition for its expansion and technological innovation.

Regulation

Neo operates as a fintech firm while relying on partner banks for regulated services. It has been registered as a money services business with the Financial Transactions and Reports Analysis Centre of Canada since November 8, 2022. [30]

See also

References

  1. 1 2 3 4 5 Simpson, Meagan (23 September 2020). "SkipTheDishes co-founders look to shake up banking as Neo Financial hits the market". BetaKit. Retrieved 28 August 2025.
  2. 1 2 Alcaraz, Charlize (12 January 2022). "Neo Financial to bolster presence in Calgary with 113,000 square feet of new office space". BetaKit. Retrieved 28 August 2025.
  3. 1 2 3 "Canada's Neo Financial closes on $145M Series C". TechCrunch. 5 May 2022. Retrieved 16 December 2025.
  4. ↑ Simpson, Meagan (14 April 2022). "With new investment product, is Neo Financial's biggest competition now Wealthsimple and Questrade or the big banks". BetaKit. Retrieved 28 August 2025.
  5. ↑ Jameson Berkow (11 November 2024). "Neo Financial raises $360-million, backed by Shopify's Tobi Lutke, Slack founder Stewart Butterfield, others". The Globe and Mail. Retrieved 16 December 2025.
  6. ↑ "Neo Financial teams up with Concentra Bank to offer CDIC-eligible savings". Associated Press via Business Wire. 13 January 2021. Retrieved 28 August 2025.
  7. ↑ "Introducing the Neo Everyday account". Neo Financial Help Centre. 27 June 2024. Retrieved 28 August 2025.
  8. ↑ Simpson, Meagan (2 November 2021). "Manitoba grants Neo Financial 1.6 million dollars to expand Winnipeg workforce". BetaKit. Retrieved 28 August 2025.
  9. ↑ Lagnado, Alice (2021). "HBC partners with Neo Financial to launch new Hudson's Bay Mastercard". The Globe and Mail. Retrieved 9 January 2026.
  10. ↑ "Tim Hortons to launch its own credit card". CBC News. 7 June 2023. Retrieved 9 January 2026.
  11. ↑ "Neo, Cathay, and Mastercard Launch Exclusive Cathay World Elite Mastercard". Fintech.ca. 6 December 2023. Retrieved 9 January 2026.
  12. ↑ Simpson, Meagan (19 October 2021). "OneVest secures $5 million to help companies like Neo Financial launch wealth management products". BetaKit . Retrieved 9 January 2026.
  13. ↑ Chau, Andrew. "How I Made It: Andrew Chau of Neo Financial". Canadian Business. Retrieved 9 January 2026.
  14. ↑ "Neo Financial Raises $50 Million in Series A Funding and Debt Financing". Business Wire. 16 December 2020. Retrieved 16 December 2025.
  15. ↑ "Neo Financial announces $64 million Series B raise to accelerate growth". Business Wire. 15 September 2021. Retrieved 16 December 2025.
  16. ↑ Josh Scott (11 November 2024). "Neo Financial's $360-million Series D features big names, unanswered questions". BetaKit. Retrieved 16 December 2025.
  17. ↑ "Tencent's Neo investment comes as national security scrutiny of fintechs ramps up". The Logic. 28 November 2024. Retrieved 16 December 2025.
  18. ↑ "Monzo raises £450m from investors including Google and Tencent". Financial Times. Retrieved 16 December 2025.
  19. ↑ "Fintech firm Airwallex nears $500 million ARR, plans to be IPO-ready by 2026". CNBC. 15 August 2024. Retrieved 16 December 2025.
  20. ↑ "Neo Financial Customer Reviews". Better Business Bureau. Retrieved 15 January 2026.
  21. ↑ "Neo Financial – Google Play". Google Play. Retrieved 15 January 2026.
  22. ↑ "Neo Financial – Apple App Store". Apple App Store. Retrieved 15 January 2026.
  23. ↑ Dall, Robert (20 March 2025). "Neo Financial isn't a bank". Robert Dall. Retrieved 29 August 2025.
  24. ↑ "Fintechs and your deposits". Canada Deposit Insurance Corporation. Retrieved 15 January 2026.
  25. ↑ "Neo Financial faces scrutiny over Tencent investment". Decoder. 15 November 2024. Retrieved 29 August 2025.
  26. ↑ "Neo Financial Ranks First in Deloitte's 2023 Technology Fast 50 Companies to Watch". Business Wire. 8 November 2023. Retrieved 16 December 2025.
  27. ↑ "Deloitte reveals its annual Technology Fast 50 program winners 2024". Deloitte. November 2024. Retrieved 16 December 2025.
  28. ↑ "Neo Financial Ranks No. 1 on The Globe and Mail's 2024 List of Canada's Top Growing Companies". Business Wire. 27 September 2024. Retrieved 16 December 2025.
  29. ↑ "Canada's Fintech and AI Firms Lead Deloitte's 2025 Fast 50". NCFA. 2025. Retrieved 16 December 2025.
  30. ↑ "Neo Financial Technologies Inc. (Registration # M22733289) is a money services business registered with FINTRAC; initial registration date 8 November 2022". OpenGovCA – Canadian Money Services Business Registry. Retrieved 29 August 2025.
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